The Housing Development Board (HDB) resale market experienced a 7.8% increase in transactions in the second quarter (Q2) of 2025, according to Huttons Data Analytics. Despite the uptick, the transaction volume of 7,102 was 3.4% lower than the same period last year, reflecting ongoing supply constraints in the market.
The demand for larger flats, such as 5-room and executive/multi-gen units, surged, driven by ex-private property owners and existing HDB owners seeking upgrades. Jurong West, Sengkang, Tampines, Woodlands, and Yishun emerged as the top five towns, accounting for 36.1% of total transactions.
Resale prices continued to rise, albeit at a slower pace, with a 0.9% increase in Q2 2025. This marks the smallest quarterly price rise since the circuit breaker in Q2 2020. The moderation in price growth is attributed to a reduced supply of flats meeting the Minimum Occupation Period (MOP), which typically command a premium.
Notably, the number of million-dollar flats reached a record 415 units, a 19.3% increase from the previous quarter. Toa Payoh, Bukit Merah, and Queenstown were among the estates with the highest number of such transactions.
Looking ahead, HDB’s July 2025 Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises, offering over 10,000 units, may alleviate some market pressure. However, the resale market is expected to remain tight, with prices projected to grow by 4% to 6% for the year. Huttons anticipates a total resale volume of 26,000 to 28,000 flats in 2025, with 1,500 potentially selling for over a million dollars.
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